The investment firm raised its rating of JCPenney stock to “overweight,” up from a prior rating of “neutral.” Piper Jaffray noted that JCPenney had recently reiterated its fourth-quarter outlook, despite the highly-competitive holiday shopping season, TheFlyOnTheWall notes

Piper Jaffray has a price target of $11 a share for JCPenney stock. At its current price, JCPenney stock would have to climb more than 47% to hit that target.

JCPenney has struggled to entice shoppers back to its stores in a bid to recover from the disastrous “no sales” strategy of former CEO Ron Johnson[4], who was ousted earlier this year.

In recent months, the retailer has been hit with rumors of impending bankruptcy[5].